The North Gauteng High court has set aside Public Protector Busisiwe Mkhwebane’s, Bankorp-CIEX report, in which she found that ABSA should repay R1.1 billion for an apartheid era loan.
Costs were awarded to Absa and the South African Reserve Bank (SARB).
The Court also ordered Mkhwebane to pay 15 % of the costs of the SARB in her personal capacity.
Mkhwebane’s report, released in June, ordered Absa to pay just over R billion for the bailout provided to its predecessor Bankorp by the Reserve Bank.
Her findings were contested by the Reserve Bank and Absa, which applied to the court for the report to be set aside and to declare that Mkhwebane had abused her powers.
The matter was heard in front of a full bench of judges.